ITAT Surat held that interest paid in respect of business profit attributable to section 80P (2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid ...

However, this rule is subject to certain exceptions. One can claim income tax benefits on interest paid when the personal loan proceeds are used for any of the following purposes. I. For ...

The Finance Act, 2023 introduced Clause (h) under Section 43B of the Income Tax Act, which disallows deduction for payments due to Micro and Small Enterprises (MSEs) if not made within the prescribed ...

Since you haven't yet paid taxes on the interest income you report on your tax return, you'll owe money to the IRS if the taxes due outweigh the amount of taxes you paid throughout the tax year.

Overview of the Tax Cuts and Jobs Act (TCJA) of 2017 The TCJA was an overhaul of federal tax rules that impacted individuals and businesses. The law lowered income tax rates from many individuals.

That means your CD interest is taxed at your ordinary federal income tax rate based on your tax bracket. Tax rates for the ...

The company expressed confidence in its position, stating that it has strong grounds to challenge the order and is taking ...